JX Advanced Metals surged 6% in its debut on the Tokyo Stock Exchange on Wednesday after its initial public offering (IPO) raised ?439 billion ($2.9 billion), the nation¡¯s biggest float since SoftBank¡¯s giant deal more than six years ago.

Stocks of the metals refiner, which also makes semiconductor materials, were sold at ?820 per share ¡ª the high end of their marketed range ¡ª as demand outstripped supply.

It didn¡¯t look like it would be that way about two weeks ago, when lukewarm feedback from investors forced JX¡¯s parent, oil refiner Eneos Holdings, to cut the offering price. JX¡¯s stock rose as much as 6.7% to ?875 in morning trading on Wednesday.

¡°The move is more solid than expected, given the recent sell-off in semiconductor-related names,¡± said Masahiro Yamaguchi, a senior market analyst at SMBC Trust Bank. ¡°That shows investor¡¯s sentiment isn¡¯t that bad.¡±

The successful debut for JX may provide a tailwind for other local IPO hopefuls to push forward with their plans to go public. Japanese stocks have failed so far in 2025 to sustain the two-year rally they were on as U.S. President Donald Trump¡¯s tariffs rattle global markets, leaving the benchmark Topix index little changed for the year.

For investment bankers ¡ª Daiwa Securities Group, JPMorgan Chase & Co., Morgan Stanley and Mizuho Financial Group arranged the JX deal ¡ª the focus is on whether JX will be able to spur some momentum.

Japanese IPOs haven¡¯t looked as hot recently as they did in 2024, when proceeds climbed to a six-year high of ?961 billion, data shows. Excluding JX, there have only been six deals fetching a combined ?12.6 billion this year.

With artificial intelligence being all the rage, JX is counting on demand for products such as AI chips to continue attracting investors. JX supplies key semiconductor materials to clients including Taiwan Semiconductor Manufacturing Co. and Intel.